Mutapa Fund: ZESA Board Appointments Finalized in Zimbabwe

• The Mutapa Investment Fund has appointed an 11-member board for ZESA (Private) Limited as part of a major corporate restructuring in Zimbabwe.
• Veteran business executive Albert Joel Nduna will chair the new ZESA board, with Ntokozo Mkandla as deputy, and Engineer Cletus Nyachowe as chief executive.
• The restructuring consolidates ZESA Holdings, the Zimbabwe Power Company (ZPC), and the Zimbabwe Electricity Transmission and Distribution Company (ZETDC) into a single operating entity.
• The appointments and consolidation were confirmed under General Notice 1193 of 2026 by the shareholder, following Cabinet approval last month.
• The Mutapa Fund stated the restructuring aims to improve operational efficiency, reduce administrative costs, and enhance coordination to address persistent power supply challenges.

The strategic intent behind this comprehensive Zimbabwe energy sector reform is to eliminate duplication of efforts, significantly reduce administrative costs, and enhance overall coordination within the power sector.

The Mutapa Investment Fund (MIF) has finalized a significant corporate restructuring within Zimbabwe's power sector, appointing an 11-member board for ZESA (Private) Limited. This move completes a major corporate overhaul, consolidating several state-owned power entities under a single, unified utility. Veteran business executive Albert Joel Nduna has been named the new board chair, with Ntokozo Mkandla serving as deputy chairperson.

The new board comprises seven non-executive directors: Tawanda Ernest Denhere, Matilda Nyathi, Sugar Chagonda, Cassius Gambinga, Theresa Muchinguri, Engineer Nomusa Jowah, and Nyasha Hazel Muvirimi. Engineer Cletus Nyachowe assumes the role of chief executive for the newly formed entity, while Engineer Jan Albert Oberholzer has been appointed chief operating officer. Oberholzer brings substantial experience to the role, having previously served as chief operating officer at South Africa's Eskom from 2018 until July 2023.

The Mutapa Fund ZESA board appointments Zimbabwe, alongside the broader ZESA corporate restructuring, were officially confirmed by the shareholder under General Notice 1193 of 2026. This formal notification was issued by Tungamirai Chinhengo, who holds the positions of Group Legal Advisor and Corporate Secretary. The consolidation, which received Cabinet approval last month, marks a pivotal moment for the Zimbabwe energy sector reform.

Under this new framework, the previously distinct operations of ZESA Holdings (Private) Limited, the Zimbabwe Power Company (ZPC), and the Zimbabwe Electricity Transmission and Distribution Company (ZETDC) are now merged into one operating company. This strategic ZESA Holdings ZPC ZETDC merger is designed to create a leaner, vertically integrated power utility, encompassing all aspects of electricity generation, transmission, and distribution.

John Mangudya, the chief executive officer of the Mutapa Investment Fund, articulated the primary objectives behind this extensive restructuring. He emphasized that the Mutapa Investment Fund ZESA consolidation is fundamentally aimed at restoring and improving operational efficiency across the power utility. Mangudya highlighted that the former unbundled structure had, over time, proven to be costly, plagued by overlapping functions, high administrative expenses, and coordination challenges that ultimately undermined the very efficiencies it was intended to achieve.

The strategic intent behind this comprehensive Zimbabwe energy sector reform is to eliminate duplication of efforts, significantly reduce administrative costs, and enhance overall coordination within the power sector. By fostering a more streamlined and integrated approach, the consolidation is expected to strengthen ZESA's operational efficiency and bolster its long-term viability. This initiative is a critical component of the nation's broader efforts to address persistent power supply challenges that have impacted the country.

Lawyers should advise clients on the implications of the consolidated ZESA structure and new board appointments for existing contracts, future tenders, and regulatory compliance within Zimbabwe's energy sector. Compliance officers should monitor changes in ZESA's operational policies and procurement processes under the new leadership, especially given the stated aim to improve efficiency and reduce costs.

Source: Original reporting via New Zimbabwe